FROM PILLAR TO POST
Real estate scams have severe consequences, affecting both financial institutions and individual victims.
stressed the need for thorough research before committing to any transaction.
How the scam works:
Group-IB’ s Fraud Protection analysts have identified a structured fraud workflow that involves the following key components:
• Victim – An individual searching for rental properties, unknowingly targeted by scammers
• Fraudster – A scammer who creates fake property listings and persuades victims to transfer money
• Ad platform – A popular online marketplace where fraudulent listings are posted
• Rental registration platform – A legitimate government system exploited to create fake rental agreements
• Mule bank account – A fraudulent account used to receive and launder stolen funds
Real-life cases:
• Case 1: A victim found a rental listing on a well-known platform and contacted the advertiser. The scammer sent a lease agreement through a legitimate regulatory platform, making the offer seem credible. After transferring an initial deposit, the victim was asked for additional payments. When they refused, the scammer vanished.
• Case 2: Another victim communicated with a fraudster via WhatsApp, received a contract and made the payment. Upon attempting to move in, they discovered the actual property owner had no knowledge of the deal. �
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